Guideline Value for SANNATHI STREET

Sannathi Street guideline value

The current guideline value of Sannathi Street in Medavakkam village is Rs 1,870 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint I SRO and is classified as Residential Class III Type - I.

How the guideline value of Sannathi Street has changed

The guideline value for Sannathi Street has undergone several revisions over the years. The 2012 revision set the value at Rs 1,700 per sq.ft, which was followed by a decrease to Rs 1,139 per sq.ft in the 2017 revision, marking a decline of 33%. In 2023, the value increased to Rs 1,700 per sq.ft, and in the latest 2024 revision, it rose to Rs 1,870 per sq.ft, reflecting a 10% increase from the previous year.

There are no figures available for the revisions in 2002, 2003, and 2007 for Sannathi Street. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO that have a 2024 guideline value ranging from Rs 1,540 to Rs 7,500 per sq.ft, with a median value of Rs 2,200 per sq.ft. Sannathi Street's 2024 guideline value is below this median.

• Santhanam Street: Rs 2,200 per sq.ft (2024)
• Sampoornam Nagar: Rs 1,870 per sq.ft (2024)
• Sakthi Nagar Part II /Lakshmi Nagar St Somu Nagar: Rs 2,200 per sq.ft (2024)
• Sakthi Auenue: Rs 2,200 per sq.ft (2024)
• Sairam Nagar / All Street: Rs 3,300 per sq.ft (2024)
• Sairam Nagar 3rd Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Sannathi Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,870 per sq.ft, the total guideline value amounts to Rs 18,70,000. The stamp duty at 7% would be Rs 1,30,900, and the registration fee at 2% would be Rs 37,400, leading to a total cost of Rs 1,68,300. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for accurate calculations based on your property details.

Which Sub Registrar Office covers Sannathi Street?

The Sub Registrar Office that covers Sannathi Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Medavakkam

The guideline value is a crucial factor during property transactions in Medavakkam. It serves as the basis for calculating stamp duty and registration fees, which are mandatory when registering property transactions. Buyers and sellers must ensure that the sale price is at least equal to the guideline value to avoid legal issues.

When a property is sold, the registration office assesses the guideline value to determine the applicable fees. This ensures that both parties are aware of the financial obligations associated with the transaction, making the process transparent and regulated.

Frequently asked questions

What is the current guideline value of Sannathi Street?

The current guideline value of Sannathi Street is Rs 1,870 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,700 per sq.ft in 2012 to Rs 1,139 per sq.ft in 2017, then back to Rs 1,700 per sq.ft in 2023, and finally to Rs 1,870 per sq.ft in 2024.

What is the land classification of Sannathi Street?

Sannathi Street is classified as Residential Class III Type - I under the Chennai South Joint I SRO.

Where can I find the Sub Registrar Office for Sannathi Street?

The Sub Registrar Office covering Sannathi Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

How is the stamp duty calculated for properties on Sannathi Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at Rs 1,870 per sq.ft incurs a total guideline value of Rs 18,70,000, leading to a stamp duty of Rs 1,30,900.